January 13, 2014 |
SACRAMENTO -- The California Public Employee's Retirement System, the nation's biggest government pension, reported a 16.2% return on its investments for 2013. It was the best calendar year performance in 11 years for the $281-billion CalPERS, which provides benefits to about 1.7 million state and local government workers, retirees and their dependents. "A 16.2% rate of return is really good," said Marcia Fritz, a Sacramento pension reform activist. "They are in it for the long haul.
November 12, 2013 |
Jon Bonné's new book, “ The New California Wine: A guide to the producers and wines behind a revolution in taste ,” is a wonderful, engaging read with an actual narrative and a cast of characters who think outside the box, care about sustainability, and have a strong curiosity and work ethic. I loved meeting vintners such as Ted Lemon ( Littorai Wines ), Steve Matthiasson ( Matthiasson Wines ), Abe Schoener ( the Scholium Project ) and Morgan Twain-Peterson ( Bedrock Wine Co. )
November 8, 2013 |
SAC Capital Advisors pleaded guilty to criminal fraud charges Friday, satisfying a deal with the government that requires the Connecticut hedge fund to pay a record $1.8 billion to settle charges that it allowed, if not encouraged, insider trading to occur for more than a decade. The plea came in U.S. District Court in New York four days after the government announced that the once-influential hedge fund owned by billionaire Steven A. Cohen had reached the deal that also required it to shut down its operations to outside investors.
October 7, 2013 |
The U.S. Supreme Court has turned down a petition by Argentina to reconsider a lower-court order requiring it to pay creditors upwards of $1.4 billion. The decision, handed down Monday without comment from the nation's highest court, upholds a 2012 ruling that obliges the South American nation to pay all its bondholders at once - including those that have refused multiple offers to renegotiate the value of their holdings. A group of those bondholders, led by several New York hedge funds, have repeatedly sued Argentina seeking face value on their securities.
September 17, 2013 |
Shares of nutritional products maker Herbalife Ltd. hit a 52-week high Tuesday, putting billionaire hedge fund manager Bill Ackman deeper in the hole on his $1-billion bet that the stock will go to zero. Herbalife shares reached a one-year intra-day high of $73.91 and a closing high of $73.29 on speculation that the company may start aggressively repurchasing its shares. The Los Angeles company was one of the more volatile stocks on Wall Street after Ackman accused the company last December of operating a pyramid scheme and said he took a $1-billion short position in the stock, meaning he would profit from a price drop.
August 14, 2013 |
Steinway Musical Instruments -- the venerable maker of pianos and other classical-music instruments -- is celebrating its 160th anniversary this year and has given itself the gift of a new owner. The company has agreed to be acquired for approximately $512 million by the New York hedge fund Paulson & Co. The bid topped a $438-million offer in July from Kohlberg & Co, the New York private-equity outfit. Paulson has agreed to acquire Steinway for $40 per share -- its ticker symbol is "LVB" for Ludwig van Beethoven -- in a move that will take the company private.